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re: So a C corporation is taxed twice on profit?
Posted on 11/10/14 at 4:59 pm to deltaland
Posted on 11/10/14 at 4:59 pm to deltaland
quote:
I never knew this. I just set up a C corp and am about to receive a 2mil investment to get it going. Needed to do a tax filing...I didn't realize with a C corp they tax the profit of the corporation, and then tax the dividends distributed to shareholders.
Pretty basic stuff, very common knowledge. That's why people set up LLC's, S Corps or LPs. The idea is that the C Corp as an entity is taxed on its income. Then when it distributes to its shareholders that is income to them individually and they're taxed. Next time consult with an attorney or accountant before setting up your entity.
1
Posted on 11/10/14 at 5:03 pm to cwill
quote:
The idea is that the C Corp as an entity is taxed on its income. Then when it distributes to its shareholders that is income to them individually and they're taxed. Next time consult with an attorney or accountant before setting up your entity.
We were told by the investing party to change it to a C corp. It was originally an S corp.
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